Overall Ranking of the Five Elements
1. Earth - The best overall defensive elemental nature. You can make clones out of earth release and those clones are far more durable than most other types of clones. Can be used to deal crushing and blunt type of damage. Can be used to trap adversaries (shinobi, summons and even bijuu). You can attack your opponents in various ways such as attacking underneath them which you can't do with any other element. Hashirama and Gaara are far stronger than most regular elemental release users and their abilities are quite similar to earth release users.
2. Wind - Wind is primarily used for slicing based damage and therefore, has the best slicing abilities. Not only that, it can also deal pressure based damage too depending on the user and the jutsu used. Wind is also a perfect counter to various other types of wide area of effect attacks or abilities such as sound based attacks including sound genjutsu. Wind makes projectile based attacks completely and utterly useless. Another benefit of wind is its ability to blow away poison gas, blinding dust and mist which allows the user to avoid dangerous situations that are hard to get out of.
3. Lightning - Lightning jutsus are primarily used for penetration style attacks so they are the best for piercing through powerful defences. It can also inflict paralysis which can help overcome a tough and durable enemy. For example, lighting clones may not be durable but if the enemy touches it, they get paralysed allowing the user to finish them off. The bad thing about lightning is that it doesn't have many defensive purposes to it.
4. Water - Can deal pressure based damage, obscure vision and make use of water clones. The problem is that water clones aren't very durable and useful compared to earth and lightning clones. It is true the water prison can trap enemies but so can earth prison. Pressure based damage isn't all that great compared to slicing and penetrative type of attacks. Even wind can deal pressure based damage making that element more versatile in terms of offence. Other than drowning, there isn't much else water release can do.
5. Fire - Probably the least useful element due to its lack of versatility. Katons are useful because they can burn their opponents and the heat generated from them can be quite useful under some circumstances but katons have been shown to be easily avoided pretty easily and immortals won't take damage. Fire can, however, obscure the opponent's vision just like water can but to a much smaller extent. Also fire doesn't have defensive uses and you can't make clones out of them.
Best Offence
1. Lightning
2. Wind
3. Earth
4. Fire
5. Water
Best Defence
1. Earth
2. Wind
3. Water
4. Lightning
5. Fire
Other Uses/Overall Versatility
1. Earth
2. Water
3. Wind
4. Lightning
5. Fire